Independent review – 2025/2026
Customer-owned banks are driven by their people-first ethos and have a long history of putting customers first.
To ensure this commitment remains robust, the Customer Owned Banking Code of Practice (the Code) will undergo an independent review beginning in December 2025. This review will ensure the Code remains contemporary, allowing code subscribers to identify and address issues more effectively, ultimately delivering better customer outcomes and lifting the standard for the entire industry.
The review will also assess the performance and practices of the Customer Owned Banking Code Compliance Committee (COBCCC), as set out in the Code and Committee Charter.
This independent process is an important opportunity to review protections for all customers, especially those experiencing vulnerability or financial hardship in today’s rapidly changing environment.
As a sector, we are committed to working collectively to continually uplift our industry standards for the lasting benefit of the customers and communities we serve.
If you would like to contact the secretariat about the Customer Owned Banking Code of Practice review, please contact code@coba.asn.au
What is the Customer Owned Banking Code of Practice?
The Customer Owned Banking Code of Practice (the Code) is the code of practice for Australia’s mutual banks and credit unions.
The Code is a public expression of the level of support that subscribers will provide to their customers, and the standards by which they will be held accountable. It outlines clearly and transparently what customers can expect when dealing with a Code subscriber.
The Code establishes higher standards than the law requires and reflects the customer owned banking sector’s commitment to serving the interests of its customers.
